Nigeria’s annual Gross Domestic Product (GDP) growth stood at 3.40 per cent in 2024, from 2.74 per cent in 2023, the National Bureau of Statistics (NBS) disclosed yesterday.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, welcomed the latest GDP figures, which showed that Nigeria’s economy grew at its fastest pace in three years.
Edun said it was a testament to the resilience of the Nigerian economy and the success of President Bola Tinubu’s Renewed Hope Agenda.
Equally, yesterday, the Senate said the proposed tax reform bills would serve as a critical step in achieving Tinubu’s vision of a $1 trillion economy.
The macroeconomic data released yesterday by NBS showed that GDP grew by 3.84 per cent, year-on-year, in real terms in the fourth quarter of last year (Q4 2024).
The performance represented 0.38 per cent increase compared to 3.46 per cent recorded in Q4 2023.
Similarly, GDP indicated an increase of 0.38 per cent compared to a 3.46 per cent growth rate in the preceding quarter (Q3 2024).
NBS, however, clarified that the figures were based on the old method of computation rather than the proposed rebased GDP.
